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- XAG/USD is currently trading around $16.42 marks.
- It made intraday high at $16.48 and low at $16.36 levels.
- Intraday bias remains neutral till the time pair holds key support at $16.32 mark.
- A daily close above $16.47 will test key resistances at $16.62, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
- On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.32, $16.18, $16.08, $15.90 and $15.68 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take long position in XAG/USD around $16.40, stop loss $16.30 and target of $16.62/$16.75.
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